The proposed bill, titled "The Rhode Island Opportunity for Employee Ownership Act," aims to facilitate employee ownership of qualified businesses in Rhode Island by establishing a new chapter in the labor laws. This chapter defines key terms such as "owner," "qualified business," and "worker cooperative business." A "qualified business" is defined as a privately held entity that has operated a principal place of business in Rhode Island for at least one year, is subject to Rhode Island taxes, has at least three employees (excluding the owner), meets the relevant size standards for a small business as defined by the U.S. Small Business Administration, and is not publicly traded or exempt under certain circumstances.

The act mandates that when an owner of a qualified business decides to sell, they must notify all current full-time and part-time employees. This notification must be posted in a prominent location or communicated through an existing electronic medium, and it must include the date of the notice, the owner's intent to sell, a thirty-day window for employees to express interest in purchasing the business as a worker cooperative, information about a worker cooperative business resource list, and any proposed sale price.

Additionally, the bill requires the creation of a "worker cooperative business resource list," which will be maintained by the Rhode Island small business development center and will be publicly accessible. The Rhode Island commerce corporation is authorized to issue reasonable rules and regulations to implement the responsibilities outlined in this chapter. The provisions of this act are set to take effect on January 1, 2027.